AMC’s Hycroft Opens New Investigation Against Illegal Trading
Hycroft Mining (NASDAQ:HYMC) announced on Thursday that it has opened a new investigation against illegal trading.
The company said that it has been working with Shareholder Intelligent Services, LLC (“ShareIntel”) for several months to review the trading of the Company’s common stock in order to track, identify, and monitor for potentially illegal short selling activities and deploy solutions to help combat any such activities.
“To date, ShareIntel’s analysis has identified reporting imbalances in Hycroft’s shares which may be the by-product of non-compliant or abusive short selling activity.”
“Based on the findings of ShareIntel’s analysis to date, we are deeply concerned that Hycroft may have been the target of a market manipulation scheme involving illegal short selling.
Hycroft’s Board and management are committed to protecting our investors and maximizing shareholder value, and we will take all actions necessary to ensure Hycroft is not the target of market manipulation.
We will continue to work with ShareIntel to combat potentially manipulative and egregious illegal short selling and trading activities to help ensure fair market conditions,” said President and CEO Diane Garrett.
“ShareIntel tracks and monitors critical broker-dealer and shareholder movements”, said David Wenger , President and Chief Executive Officer of ShareIntel.
“We look forward to continuing efforts to help Hycroft identify parties to potentially abusive and illegal naked short selling, implement action plans to mitigate such activity and help maximize shareholder ownership transparency.”
HYMC stock jumped +12% on the announcement.
Shares of the gold and silver mining company are down more than -54% in the past year.
More Companies Are Standing Up Against ‘Naked Short Selling’
Famous lawyer known for fighting against market injustices Wes Chrisitan says ‘Naked Shorting’ is a big worldwide problem.
Naked shorting is the illegal practice of short-selling shares that have not been affirmatively determined to exist, often times used to drive share prices to the ground.
Meta Materials announced in late June that it has retained the law firm of Christian Smith & Jewell, LLP to help investigate allegations of naked short selling of Meta Materials’ stock, MMAT.
“We have reviewed the preliminary report from ShareIntel, and as a result we have engaged the services of Christian Smith & Jewell,” the company said.
Mullen Automotive also provided shareholders with an update on its ‘naked shorting’ investigation stating the following:
“The company announced that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities.
Based on reports Mullen has received from ShareIntel, the Company believes it may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock and has decided to investigate and expose any potential wrongdoing.”
More and more companies are coming out against market manipulation through the illicit practice of ‘naked short selling’ with Hycroft Mining being the latest example.
In March of 2022, AMC Entertainment (NYSE:AMC) acquired a 22% stake of Hycroft Mining, a gold and silver mining company based in Nevada.
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Show CommentsIf the find that this is market wide and our markets value is based on What? On going collusion of The Market Makers in what appears to be A Rico Act
They need to sanction Amaericas Oligarchy, freeze sieze the last 10 yrs of earnings
To big to fail, free pass to steal
rick1at@yahoo.com
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Naked short selling is a nice way of saying rampant illegal corruption that is the scourge of the entire stock market. Thievery, money laundering, grand larceny. Call it what you want but those who participate in it should never be allowed to trade again and should be locked up just as any petty thief that shoplifts should be locked up. In some countries the punishment for thievery is much more severe.
I think most would agree with your thinking.
Yes, except the thieves. Imagine how long this has been going on and how much money they made with this scheme since high speed computers started trading on the markets. KG is very proud of his algorithms and ways of manipulating the market. IF YOU BUY SOMETHING THERE MUST BE SOMETHING TO BUY. IOU IS NOT A SHARE.
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Leave your thoughts below!